The UK residential property market recorded 572,000 homes sold subject to contract in the first 23 weeks of 2026, representing a 6% decline compared to the same period in 2025, according to weekly market data released for the week ending 14th June 2026.
Despite the year-on-year decline, sales volumes remain 1.7% higher than 2024 and 11.9% above 2023 levels, indicating a market that continues to outperform the immediate post-pandemic period whilst showing signs of cooling from last year’s activity.
Regional disparities emerge
The second week of June saw national sales down 10.7% compared to the same week in 2025, with London experiencing a sharper 14% decline. However, other regions showed resilience, with the North East recording only a 1% decrease in sales agreed.
Week 23 recorded 25,100 homes sold subject to contract, slightly below the 10-year average of 25,900 for the same period. The 2026 weekly average stands at 24,800 sales.
Listings maintain steady flow
New property listings totalled 36,500 in week 23, down from 38,900 the previous week but broadly in line with the 10-year week 23 average of 35,800. Year-to-date listings reached 859,000, marginally ahead of 2025’s 856,000 and 5.4% higher than 2024.
Market stock levels stood at 747,000 homes on 1st June 2026, with 472,000 properties in agents’ sales pipelines, virtually unchanged from the 474,000 recorded twelve months earlier.
Price growth continues despite volume decline
Average agreed sale prices reached £349.64 per square foot in May 2026, marking a 1.9% increase from May 2025’s £342.87 and a 13.2% rise from five years ago. This metric historically matches HM Land Registry Index data with 98% accuracy, providing a five-month forward indicator.
However, price reductions affected 13.4% of homes for sale in May 2026, above the 2025 average of 12.8% and significantly higher than the six-year average of 10.7%. The gap between initial listing prices and eventual sale agreed prices remained at 16%, consistent with the 10-year average range of 16-17%.
Transaction completion rates
May 2026 recorded 76,600 exchanges, contributing to 365,000 exchanges year-to-date through May, down 5.5% from the 386,000 recorded in the same period of 2025. The decline partly reflects elevated first-quarter 2025 activity driven by a stamp duty holiday that concluded in April 2025.
The sell-through rate stood at 14.6% in May 2026, below the pre-Covid average of 15.5%. Meanwhile, 54.5% of homes leaving agents’ books in May resulted in completed exchanges, compared to a seven-year average of 57.6%.
Fall-through rates remained relatively stable at 23.6%, below the decade average of 24.5%, with 5.05% of sold subject to contract properties falling through in May 2026.
Rental market data
Average rents reached £1,785 per calendar month in May 2026, a modest increase from £1,779 in May 2025. Rental stock available stood at 305,000 properties in May 2026, down from 311,000 the previous year. This reduction in available rental properties comes as landlords reassess their portfolios amid changing market conditions.
Market outlook
The data suggests a market experiencing divergent trends, with price growth continuing whilst transaction volumes decline from 2025’s elevated levels. The contrast between London’s sharper sales decline and stability in regions such as the North East indicates geographical variations in market momentum.
With auction supply rising as success rates dip, alternative sales routes may gain prominence if traditional market conditions remain challenging. The increase in price reductions and below-average sell-through rates point to a market adjusting to current economic conditions, though fundamentals remain stronger than pre-pandemic levels.
